For 22-23 my tax code was adjusted so rental income would be taken monthly from my salary, as I thought I'd be earning below 2.5K from rental income. However, it seems I actually earned 1K more than expected...taking me to 3.5K. So I plan to complete a tax return. My question...Do i just file a tax return for the 1K earned (as I have already paid tax on the other 2.5k via tax code) or do I need to pay tax on the full amount and then somehow try to to recoup the tax already paid??
Thanks for your time.
I'm a trying to calculate my 'adjusted net income' so I can calculate the amount of child allowance to be paid back. My pension contributions are paid before tax, on a 'relief at source' scheme. Am I correct in thinking I can therefore deduct all my pension payments for the tax year from my annual salary to arrive at my adjusted net income??
Morning, Another qstn re filing a tax return in order to pay the child benefit charge. I earn £56700, and have a workplace pension (taken before tax). The 'pay' figure on my P60 is that of my salary (£56700) and not salary minus pension contributions as previously stated on this thread. Can i go through my payslips for that year and deduct all pension contributions from my gross salary to arrive at my adjusted net income. Thanks
I'm trying to work out how much child allowance I need to repay for 2022-2023 as earned over 50k that year. And to do this I need to work out adjusted net income. The HRMC site suggest pension contributions can be deducted from salary to arrive at this figure, and it also suggests the 'pay' figure on the P60 is the salary with pension contributions already deducted. However, my 'pay' on the P60 shows what my salary is. Can I add up all my pension contributions for that year and then deduct from my salary to arrive at adjusted net income?? My pension contributions are deducted before tax. Many thanks for your time.
I'm in the process of calculating my adjusted net income so I can file a tax return and pay a 'higher income child benefit charge'. The HRMC site suggests the Salary figure on the P60 already has deducted pension contributions. However, on my P60, the the salary is exactly what my salary is i.e. no pension contributions deducted! Can I add up all my pension contributions (from looking at monthly payslips) and deduct this figure from the my salary on the P60 to arrive at my adjusted net income?? My employer takes pension contributions prior to tax. Thanks for your time
Hello, I'm in the process of trying to work out my 'adjusted net come' so I can pay the 'high income child benefit charge'. The information on HRMC sites suggest the P60 will show my salary minus pension contributions. However, my P60 for 22-23 only shows my annual gross salary with pension contributions not deducted. If I go through each monthly payslip for that tax year, can I add up my pension contributions and then deduct them from the gross salary to arrive at my adjusted net come?? My employer takes pension contributions before tax. Thanks for your time.